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Article: Financing: NeuroMetrix, Inc.(WALL ST./FINANCE)
- Article from:
- MondayMorning
- Article date:
- September 14, 2009
CopyrightCOPYRIGHT 2009 MedContent Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Financing: NeuroMetrix, Inc. (Waltham MA) announced that it has completed its private placement of common stock and warrants. The company provides innovative products for preservation and restoration of nerve and spinal cord function, and pain control. Gross proceeds from the offering were approximately $18.7 million. The primary use of the capital will be to expand its direct U.S. sales force, increase its international presence, fund certain clinical outcome studies, advance its lead potassium channel blocker compound to a Phase I milestone, as well as for other general working capital purposes. The company issued an aggregate of 8,816,521 newly-issued shares of common ...